Business
Experts seek sector reforms to deepen insurance penetration in Nigeria

By Cynthia Alo
Experts in the insurance and financial services sector have called for stronger regulation, improved public awareness and digital distribution channels to expand insurance coverage and strengthen the sector’s contribution to national development.
The call was made at the Insurance Sector Transformation Consultative Forum 2026, a gathering convened by EnterpriseNGR to accelerate reforms, rebuild consumer confidence and deepen insurance penetration in the country.
Speaking at the forum, Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede, said the development of strong financial and professional services sectors was critical for countries seeking to transition from emerging to advanced economies.
According to him, sectors such as banking, insurance, asset management, accounting, law and fintech play a central role in mobilising domestic investment and attracting foreign capital.
“Across the world, economies that have moved from emerging status to advanced economies have very vibrant financial and professional services sectors. They become anchors for investment both domestically and internationally,” he said.
Aig-Imoukhuede noted that Nigeria’s insurance sector currently contributes less than one per cent of Gross Domestic Product (GDP), far below levels recorded in several African countries where insurance penetration ranges between three and 11 per cent.
He said improving penetration could significantly expand the industry and strengthen economic resilience.
“If we move from where we are today to three per cent, that means trebling the sector. If we move to 11 per cent, that is almost a tenfold growth and the impact on the overall economy will be tremendous,” he said.
He added that expanding the number of insurance agents could also create large-scale employment opportunities, noting that the country currently has fewer than 100,000 agents.
Also speaking, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Tokunbo Abiru, said the forum comes at a critical time when the country has just enacted a new law to modernise the industry.
According to him the recently passed Nigerian Insurance Industry Reform Act 2025 would strengthen regulation and enhance operations within the sector.
“We have just passed a recent law meant to modernise and improve all the pieces of legislation relating to insurance in Nigeria. Many of the existing laws were outdated, so we had to bring them up to speed,” Abiru stated.
According to him, the next phase is effective implementation of the legislation through collaboration among regulators, operators and other stakeholders.
Also speaking, Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, described the forum as a historic platform for collective action within the industry.
He said the insurance sector must play a central role in supporting the Federal Government’s ambition of building a $1 trillion economy.
He stated: “There is no nation that can successfully transition to that level of growth without the resilience that the insurance sector provides. The transformation of this sector is no longer optional; it must commence now.”
Omosehin added that the regulator was ready to collaborate with stakeholders to ensure that the desired reforms translate into concrete outcomes for businesses and the wider economy.
Director-General of the Nigerian Insurers Association, Bola Odukale, said the industry was undergoing a major reform phase and would require strong collaboration to achieve meaningful transformation.
According to her, the implementation of the new reform law and other initiatives would help deepen insurance penetration and enhance the value delivered to policyholders.
On his part, Managing Director and Chief Executive Officer of Leadway Assurance, Gboyega Lesi, said the forum signalled a renewed push for the insurance industry to assume its rightful position in Nigeria’s economy.
“Insurance has been in the background for a long time, but the industry must now take its rightful place in the economy. Deepening penetration will ensure that insurance products and services are felt by the average Nigerian,” he said.
The post Experts seek sector reforms to deepen insurance penetration in Nigeria appeared first on Vanguard News.
Business
LPG: FG targets 5m homes for cooking gas transition — Ekpo
•Says Nigeria’s development hinges on gas utilisation
By Ediri Ejoh
The Federal Government has reaffirmed its commitment to expanding gas utilisation, saying it is targeting five million households to transition from firewood, kerosene and other biomass fuels to Liquefied Petroleum Gas (LPG) as part of efforts to cut carbon emissions and improve public health.
Speaking at the 2026 Nigeria Oil and Gas (NOG) Conference and Exhibition, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria’s economic development depends largely on harnessing its vast gas resources.
According to him, “Nigeria sees gas as its transition fuel. We are not opposed to the global energy transition, but every country must transition based on its available resources. For Nigeria, that resource is natural gas.”
He added, “Gas is essential because its utilisation cuts across power generation, industrialisation, fertiliser production, household energy and transportation. Gas is the solution for Nigeria. That is why Mr. President created the office of the Minister of State for Gas and provided incentives under the Petroleum Industry Act (PIA) to deepen gas utilisation.”
Ekpo said, “In the past, gas was undervalued, but today it has become central to addressing climate change. We are intentionally deploying technologies that reduce carbon emissions through greater gas utilisation.”
He further stated, “Under the Decade of Gas Initiative, we have identified key projects that will bring gas closer to Nigerians. We are targeting about five million homes to switch from firewood, kerosene and biomass to LPG. This will improve household health while reducing carbon emissions. We are driving this because Nigeria has enormous gas reserves.”
Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said ongoing fiscal and sector reforms have strengthened investor confidence.
He said, “Nigeria is strategically positioned for growth. Investors can be assured that their capital is safe and will generate returns. We are positioning the country for global competitiveness.”
Business
FG suspends enforcement of new internet platform, digital economy regulations
By Progress Godfrey
The Federal Government has suspended the enforcement of new regulations affecting internet platforms, online intermediaries and other cross-cutting digital economy issues pending the completion of a national policy review.
The directive was contained in a statement issued by the Minister of Communications, Innovation and Digital Economy Dr Bosun Tijani, on Tuesday, after a strategic meeting with the leadership of the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), and Nigeria Data Protection Commission (NDPC).
Tijjani said the decision aimed to maintain the current regulatory position while work continues on a harmonised national policy and governance framework for the digital economy.
He explained that the rapid growth of the digital economy has created overlaps in the responsibilities of sector regulators, making closer coordination necessary to provide legal certainty and support investment, innovation and consumer confidence.
As part of the directive, agencies have been asked to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to internet platforms, online intermediaries and other cross-cutting digital economy issues that are under policy harmonisation.
Tijani said: “The existing regulatory status quo shall be maintained with respect to matters relating to internet platforms, online intermediaries and other cross-cutting digital economy issues currently undergoing inter-agency policy harmonisation under the Ministry’s coordination.
“Relevant agencies are to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to Internet platforms, online intermediaries or other cross-cutting digital economy matters, to the extent that such provisions concern areas currently undergoing policy harmonisation under the Ministry’s coordination.
“The above direction is without prejudice to the statutory responsibilities of the respective institutions. Accordingly, all other provisions of existing regulations, guidelines, codes and directives that fall squarely within the express mandates of the relevant agencies under extant laws shall remain fully operational and enforceable, provided they are consistent with the policy direction issued by the Minister.” The minister also announced the establishment of a Joint Technical Coordination Committee comprising representatives of the NCC, NITDA and NDPC under the Office of the Minister.
Business
Dangote Cement targets 20% emissions cut, expands capacity to 80mtpa
By Yinka Kolawole
Dangote Cement Plc has unveiled plans to cut net carbon dioxide (CO‚ ) emissions intensity by 20 per cent while expanding production capacity to 80 million tonnes per annum (mtpa) by 2030, as it pursues its ambition of becoming Africa’s most sustainable and globally competitive cement producer.
Presenting the company’s 2025 Sustainability Scorecard at its 17th Annual General Meeting in Lagos, Chairman, Emmanuel Ikazoboh, said sustainability has become a core business strategy driving growth, competitiveness and long-term value creation across its African operations.
He disclosed that the company has approved a new decarbonisation roadmap, including migrating virtually its entire Nigerian truck fleet to Compressed Natural Gas (CNG) by 2027, excluding the Gboko plant, while electric trucks will be introduced from 2026.
Ikazoboh also said the company is expanding port infrastructure at Apapa, Onne and Lekki to strengthen export capacity, while pursuing investments that will increase installed production capacity to 80mtpa by 2030, including new operations in Botswana and Zimbabwe.
On environmental performance, he said Dangote Cement has reduced CO‚ emissions intensity by 6.5 per cent from its 2021 baseline, cut energy intensity by 1.7 per cent, lowered overall energy consumption by four per cent and reduced water use by eight per cent through increased deployment of alternative fuels, energy-efficient technologies and lower clinker production.
According to him, the company also co-processed over 437,000 tonnes of waste as alternative fuel, reducing dependence on fossil fuels and improving resource efficiency.
Ikazoboh added that Dangote Cement created 625 direct green jobs during the year, increased social investment spending by 56 per cent, raised graduate trainee recruitment by 74 per cent and invested N2.1 billion in employee training.
He said the company also strengthened its ESG framework with new Artificial Intelligence Risk Management, Biodiversity and Disability Inclusion policies, while integrating 297 local vendors into its ESG-focused supply chain programme, positioning it for sustainable growth and supporting Africa’s low-carbon industrial transition.
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